Crypto exchange Crypto.com partnered with one of the largest banking institutions in Latin America, BTG Pactual, to promote crypto banking services within the region, according to a February 27 press release.
The exchange will now list BTG Pactual’s BTG Dol, a stablecoin pegged to the US Dollar by a 1:1 ratio. Crypto.com emphasized in its announcement that the newly formed collaboration would focus on endorsing the usage of the new stablecoin by pairing it with widely recognized crypto assets.
BTG Dol Listing Details
BTG Dol will be paired with prominent crypto assets such as Bitcoin and Ether to promote the stablecoin, the exchange said.
https://t.co/vCNztATkNg and BTG Pactual are teaming up to advance crypto powered banking services in Latin America and beyond🤝
Together, we’re committed to bridging #tradfi and #crypto securely and reliably across the region 🙌
Learn more: https://t.co/OIGLhRlQVy pic.twitter.com/GYUuzKRoKE
— Crypto.com (@cryptocom) February 27, 2024
The stablecoin listing is in line with the overall objective of the strategic partnership – to promote the digital economy and crypto banking services in Latin America and bridge the gap between traditional and digital finance for its user base.
Crypto.com and BTG Pactual Partnership
In the release, BTG’s head of digital assets Andre Portilho noted that the collaboration with Crypto.com will help BTG enter an “evolving digital asset landscape.”
“BTG Pactual has consistently been at the forefront of integrating crypto technology into the traditional financial markets, demonstrating our commitment to innovation and excellence,” Portilho said. “This announcement represents another step on this journey, providing our clients with unparalleled access to the evolving digital asset landscape.”
The stablecoin was initially introduced in April 2023 with the objective of enabling holders to dollarize a portion of their equity. BTG Dol is built upon BTG’s proprietary crypto technology platform, Mynt, which helps users invest in crypto.
In the announcement, Portilho emphasized that the stablecoin is designed to offer investors a more convenient and secure channel for making dollar-denominated investments.
Crypto.com CEO Eric Anziani believes the Latin America region holds immense potential.
“BTG Pactual is a true pioneer in seeing the potential of traditional finance and digital finance collaboration,” Anziani said in the release. “We are incredibly proud and excited to partner with BTG, and to help broaden accessibility to the emerging digital economy in a significantly high potential region.”